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GXBank offers FlexiLoans of up to RM150,000 for Malaysian MSMEs | Scoop
GXBank chief executive Pei-Si Lai (ninth from left) and Grab Malaysia managing director Adelene Foo (sixth from right) with ecosystem partners at the first anniversary event themed ‘GX 2.0 – Next Starts Now,’ celebrating the launch of the GX Biz FlexiLoan initiative to empower Malaysian MSMEs. - November 5, 2024
News

GXBank offers FlexiLoans of up to RM150,000 for Malaysian MSMEs

The initiative will initially target merchants within Grab Malaysia’s ecosystem

Main Author Image
Sandru Narayanan
Updated
8:43 PM MYT

 

KUALA LUMPUR – GXBank Berhad (GXBank) has pledged to support local Micro, Small, and Medium Enterprises (MSMEs) by offering business loans of up to RM150,000 in the first quarter of next year.

Through its GX Biz FlexiLoan initiative, GXBank will provide a flexible loan tenure of up to three years, along with the option for early repayment without any additional fees or interest.

The initiative will initially target merchants within Grab Malaysia’s ecosystem.

Speaking at its first year anniversary event themed ‘GX 2.0 – Next Starts Now’, GXBank CEO Pei-Si Lai said that the business loan initiatives would serve as a crucial tool for small businesses struggling with their financial journey.

Pei-Si also noted that GXBank is committed to supporting MSMEs through a RM1.5 billion investment over the next five years. This commitment aligns with the government’s Belanjawan Madani 2025 plan, which seeks to address the financing gap faced by MSMEs.

“We will be able to provide quick loans and disbursements to help them manage cash flow more effectively. Additionally, it will be easier for them to make repayments and draw down their loan limits.

“Once we pilot our GX Biz FlexiLoan with Grab Malaysia, we are confident that this will be an exciting and unique product in the market. More than 98% of all businesses in Malaysia are MSMEs, and we need to help them manage cash flow better to support their borrowing needs. MSMEs employ almost 80% of all workers in the country.

“By supporting businesses in their growth phase, we will also be helping the wider community. If there is one segment we are truly passionate about, it is MSMEs, as the standard of service provided to them by banks today remains exceptionally low. We aim to address this need in Malaysia,” Peo-Si said during the event.

The ‘GX 2.0 – Next Starts Now’ event also marked the introduction of TeXnovasi, a collaborative initiative with Grab Malaysia, Cradle Fund Sdn Bhd (Cradle), MYStartup, and 1337 Ventures. This programme is designed to strengthen the tech-based entrepreneurship ecosystem in Malaysia.

TeXnovasi will offer personalised mentorship from industry leaders, along with expert-led workshops focused on innovation, market entry, and securing investment.

GXBank, Malaysia’s first fully digital bank, launched in September 2023 and is regulated by Bank Negara Malaysia. – November 5, 2024

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